Maggie Lake Talking Markets Episode 110: Is The AI Trade Really Revived? With Jeremy Schwartz.
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Nov 24, 2025 Jeremy Schwartz, Global Chief Investment Officer at WisdomTree and expert in macroeconomic trends, joins to discuss the current state of the US economy and interest rates. He delves into recent Fed signals and the implications for investors. The conversation shifts to the AI narrative, focusing on Google's Gemini 3 and whether there's an AI bubble, comparing today’s tech valuations to the 2000 crash. Jeremy also highlights opportunities in gold, Japan, and how AI could reshape market participation, particularly for small caps.
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Fed Debate And Need For Looser Policy
- The Fed's policy discussion shows growing dissent and debate within the committee.
- Jeremy Schwartz argues the Fed should be cutting because policy remains too restrictive relative to normal term structure.
Inflation Is Largely Supply Driven
- Many inflation drivers are supply-side and outside the Fed's control, like housing and tariffs.
- Schwartz believes measured money supply growth reduces the case for persistent above-normal inflationary pressure.
Alphabet's Rally Fuels AI Narrative
- Alphabet's Gemini 3 momentum has catapulted the stock and re-energized AI enthusiasm.
- Schwartz says AI gains are currently earnings-driven and may broaden as enterprises monetize the technology.
